Chaos Crypto #009
Ok, back down to Earth. Everyone makes mistakes and newbies doubly so.
Even though I'm up 50% in the last three months of crypto investing, if I'd just bought Bitcoin it would have been closer to 100%. But that part of the learning curve.
As far as my goals, I want to have a million dollars in 2 years in order to rebuild my house and provide affordable housing which is extremely hard to find in the SF Bay Area. Personally I think it's a worthwhile endeavor and the perfect application of crytocurrency crowd funding.
Ok, so to have $1 million in 2 years, my investment will have to double every 3-4 months. This is very important, to pay attention to doubling periods instead of focusing just on price. Every new crypto you can look at like a seed. Some will never germinate. Some may show early growth only to slink down into stagnation. And some get off to slow start and just keep picking up momentum.
I believe EOS is one of the latter. Some have said that EOS is overvalued and there's some merit to that argument. There is no product available now. Instead, think of it as a giant shopping mall under construction. The old mall was fine, but it can't expand to meet the growing community. This new mall has thousands of shops being built out by many more thousands of individual workers. When that mall has it's grand opening, it doesn't have to blow the doors off the old mall. Right now EOS is 1.7% the market cap of Ethereum. Conservatively, if EOS takes only 10% of the market share of Ethereum that's almost a six fold increase. The reality is the market is growing at such a rate that it doesn't even need to take anything away from Ethereum.
Of course I was hating on my position when EOS dipped to 60 cents, now I'm wishing it would go there again so I can load the boat.
With all the flashy new cryptos and trading instruments coming on the scene, the impulse to day trade becomes irresistable.
I'll say this, for the most part, DAY TRADING IS A SUCKER'S GAME!
Why are you in this? Ask yourself. What do you want? How does it make you feel?
Are you catching a buzz when you win? That feeling is your enemy. Your own emotions are steering you down the wrong path. The market will always be smarter, faster and infinitely more cruel than one individual can fathom.
Think about it, Bitcoin has been doubling every 3 months. If you invest $1000 now and the trend continues, in two years you will have $256,000. Always pay attention to the doubling effect. A little tip: Divide the percentage gain for a span of time into 70 and that will give you the amount of time it takes to double.
Example, a 2% gain a day will result in a doubling in 35 days. Have fun with that little trick. #bitcoin etf inflows chart #crypto coins amazon #mint crypto
CHAOS CRYPTO : DOUBLE UP - DOUBLE DOWN ! EOS, BABY !! [X6R7lH8U8oV]
Chaos Crypto #009
Ok, back down to Earth. Everyone makes mistakes and newbies doubly so.
Even though I'm up 50% in the last three months of crypto investing, if I'd just bought Bitcoin it would have been closer to 100%. But that part of the learning curve.
As far as my goals, I want to have a million dollars in 2 years in order to rebuild my house and provide affordable housing which is extremely hard to find in the SF Bay Area. Personally I think it's a worthwhile endeavor and the perfect application of crytocurrency crowd funding.
Ok, so to have $1 million in 2 years, my investment will have to double every 3-4 months. This is very important, to pay attention to doubling periods instead of focusing just on price. Every new crypto you can look at like a seed. Some will never germinate. Some may show early growth only to slink down into stagnation. And some get off to slow start and just keep picking up momentum.
I believe EOS is one of the latter. Some have said that EOS is overvalued and there's some merit to that argument. There is no product available now. Instead, think of it as a giant shopping mall under construction. The old mall was fine, but it can't expand to meet the growing community. This new mall has thousands of shops being built out by many more thousands of individual workers. When that mall has it's grand opening, it doesn't have to blow the doors off the old mall. Right now EOS is 1.7% the market cap of Ethereum. Conservatively, if EOS takes only 10% of the market share of Ethereum that's almost a six fold increase. The reality is the market is growing at such a rate that it doesn't even need to take anything away from Ethereum.
Of course I was hating on my position when EOS dipped to 60 cents, now I'm wishing it would go there again so I can load the boat.
With all the flashy new cryptos and trading instruments coming on the scene, the impulse to day trade becomes irresistable.
I'll say this, for the most part, DAY TRADING IS A SUCKER'S GAME!
Why are you in this? Ask yourself. What do you want? How does it make you feel?
Are you catching a buzz when you win? That feeling is your enemy. Your own emotions are steering you down the wrong path. The market will always be smarter, faster and infinitely more cruel than one individual can fathom.
Think about it, Bitcoin has been doubling every 3 months. If you invest $1000 now and the trend continues, in two years you will have $256,000. Always pay attention to the doubling effect. A little tip: Divide the percentage gain for a span of time into 70 and that will give you the amount of time it takes to double.
Example, a 2% gain a day will result in a doubling in 35 days. Have fun with that little trick. #bitcoin etf inflows chart #crypto coins amazon #mint crypto